Melbourne University Professor of Finance Kevin Davis and Carolyn Hewson, who sits on the board of BHP Billiton, Stockland and BT Investment Management, will also assist.

Hockey said the international advisory panel will be announced “early in the new year”.

The inquiry is one of the new government’s major priorities, and is expected to look at the level of competition in Australia’s finance sector, as well as the role of local and international regulators.

The Treasurer also released the final terms of reference for the inquiry, saying there were only minor changes to the draft terms published in November.

The review will deliver an interim report after a year, and a final report in two years.